MIRA INFORM REPORT
|
Report No. : |
346183 |
|
Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
BHAVANI
GEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
DC-3100, Bharat Diamond
Bourse, "G" Block, Bandra Kurla Complex, Bandra (East), Mumbai –
400 051, Maharashtra |
|
Tel. No.: |
91-22-40995555 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
26.03.2012 |
|
|
|
|
Com. Reg. No.: |
11-228680 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 206.250
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2012PTC228680 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB21937G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECB9471D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Cut and Polished Diamonds. |
|
|
|
|
No. of Employees
: |
3000 (Approximately) [150 Permanent; 2850 Contract] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was
established as a partnership firm in 1988 and later was converted into
private limited company on March 26, 2012. It is a manufacturer and exporter
of cut and polished diamonds. For the financial
year ended 2014, company has reported 24.39% sales turnover growth as
compared to previous sales turnover and it has maintained decent profitability
margins at 2.35% during the year under a review. Rating draws
comfort from its evolving product mix, presence in strategic G&J markets
having geographically diversified revenue profile, improving operational
metrics and lower debt levels. Rating strength
partially offset by susceptibility of its operations to foreign exchange
fluctuation risk and high intensity of competition in challenging environment
for cut and polished diamond industry players. Trade relations
are reported as fair. Payment terms are reported to be usually correct. In view of
aforesaid, the company can be considered for business dealings at usual trade
terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank
Facilities = BBB |
|
Rating Explanation |
Moderate degree of
safety and moderate credit risk. |
|
Date |
January 14, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank
Facilities = A3+ |
|
Rating Explanation |
Moderate degree of
safety and higher credit risk. |
|
Date |
January 14, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Yatin Shah |
|
Designation : |
Chief Finance Officer |
|
Contact No.: |
91-22-40995555 |
|
Date : |
19.10.2015 |
LOCATIONS
|
Registered Office/ Head Office : |
DC-3100, Bharat Diamond Bourse,
"G" Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051,
Maharashtra, India |
|
Tel. No.: |
91-22-40995555 |
|
Fax No.: |
91-22-40995577 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1200 Sq. Ft. |
|
Location : |
Owned |
|
|
|
|
Branch Office/ Factory : |
R.S. No.344/2, T.P. No.4, F.P. No.16, City Survey No.919,
Near Bhavani Circle, Ashwani Kumar
Road, Surat – 395 008, Gujarat, India |
|
Tel. No.: |
91-261-2555421 |
|
Fax No.: |
91-261-2555424 |
|
Area : |
180000 |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr.
Manjibhai Rudabhai Dholakia |
|
Designation : |
Director |
|
Address : |
B-23, Bhagat Nagar Society, Behind Ila Park Society, Katargram, Surat
– 395 004, Gujarat, India |
|
Date of Birth/Age : |
17.01.1953 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No.: |
01792437 |
|
PAN No.: |
AAEPD2193H |
|
|
|
|
Name : |
Mr.
Heet Manjibhai Dholakia |
|
Designation : |
Director |
|
Address : |
B-23, Bhagat Nagar Society, Behind Ila Park Society, Katargram, Surat
– 395 004, Gujarat, India |
|
Date of Birth/Age : |
31.10.1980 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No.: |
01998030 |
|
PAN No.: |
ABWPD5879P |
|
|
|
|
Name : |
Mr.
Raj Manjibhai Dholakia |
|
Designation : |
Director |
|
Address : |
B-23, Bhagat Nagar Society, Behind Ila Park Society, Katargram, Surat
– 395 004, Gujarat, India |
|
Date of Birth/Age : |
08.01.1983 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No.: |
03643215 |
|
PAN No.: |
AFSPD7867F |
|
|
|
|
Name : |
Mr.
Dhirubhai Karshanbhai Dholakia |
|
Designation : |
Director |
|
Address : |
Flat No.123, Heera Panna Building, 12th Floor, Bhulabhai Desai
Road, Haji Ali, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth/Age : |
04.05.1970 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No.: |
02012574 |
|
PAN No.: |
AEDPD6783L |
KEY EXECUTIVES
|
Name : |
Mr. Yatin Shah |
|
Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No. of Equity
Shares |
No. of Redeemable
Preference Shares |
|
Manjibhai
Rudabhai Dholakia |
6215525 |
4900000 |
|
Labhuben
M. Dholakia |
956250 |
900000 |
|
Heet
M. Dholakia |
1009375 |
950000 |
|
Raj
M. Dholakia |
1009375 |
950000 |
|
Priya
Heet Dholakia |
1009375 |
950000 |
|
Ria
Raj Dholakia |
100 |
950000 |
|
Dhirubhai
Dholakia |
425000 |
400000 |
|
Total
|
10625000 |
10000000 |
As on 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Directors
or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cut and Polished Diamonds. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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|
Products : |
Rough Diamond |
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Countries : |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
3000 (Approximately) [150 Permanent; 2850 Contract] |
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Bankers : |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
G.K.
Choksi and Company Chartered Accountants |
|
Address : |
601, Raheja Chambers,
Free Press Journal Road, Nariman
Point, Mumbai – 400 021, Maharashtra, India |
|
PAN No.: |
AAFFG8449L |
|
|
|
|
Wholly Owned Subsidiary Company : |
Bhavani
Europe BVBA, Belgium |
|
|
|
|
Other Related Parties : |
|
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Million |
|
10000000 |
Preference
Shares |
Rs.10/- each |
Rs.100.000 Million |
|
|
Total |
|
Rs.250.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
10625000 |
Equity Shares |
Rs.10/- each |
Rs.106.250 Million |
|
10000000 |
Preference
Shares |
Rs.10/- each |
Rs.100.000 Million |
|
|
Total |
|
Rs.206.250 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
206.250 |
200.000 |
200.000 |
|
(b) Reserves & Surplus |
2690.880 |
2281.522 |
2122.031 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2897.130 |
2481.522 |
2322.031 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
375.715 |
518.952 |
538.883 |
|
(b) Deferred tax liabilities (Net) |
33.669 |
16.884 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
409.384 |
535.836 |
538.883 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3123.683 |
3436.138 |
2841.234 |
|
(b)
Trade payables |
1875.258 |
823.538 |
1095.994 |
|
(c)
Other current liabilities |
47.795 |
42.240 |
4.251 |
|
(d)
Short-term provisions |
18.027 |
13.094 |
11.366 |
|
Total
Current Liabilities (4) |
5064.763 |
4315.010 |
3952.845 |
|
|
|
|
|
|
TOTAL |
8371.277 |
7332.368 |
6813.759 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1093.002 |
1017.189 |
1006.814 |
|
(ii)
Intangible Assets |
260.000 |
260.000 |
260.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
13.694 |
66.691 |
65.040 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.644 |
|
(d) Long-term Loan
and Advances |
28.710 |
27.793 |
85.148 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1395.406 |
1371.673 |
1417.646 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3721.993 |
4220.174 |
3912.280 |
|
(c)
Trade receivables |
2926.611 |
1559.800 |
1206.003 |
|
(d)
Cash and cash equivalents |
254.606 |
107.596 |
216.988 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f)
Other current assets |
72.661 |
73.125 |
60.842 |
|
Total
Current Assets |
6975.871 |
5960.695 |
5396.113 |
|
|
|
|
|
|
TOTAL |
8371.277 |
7332.368 |
6813.759 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
11306.021 |
9093.098 |
|
|
|
Other Income |
14.003 |
7.235 |
|
|
|
TOTAL |
11320.024 |
9100.333 |
21.416 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
6188.751 |
7337.197 |
|
|
|
Purchases of
Stock-in-Trade |
1596.028 |
1832.266 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1577.642 |
(1700.481) |
|
|
|
Employees benefits
expense |
45.955 |
42.816 |
|
|
|
Other expenses |
1133.385 |
0.000 |
|
|
|
TOTAL |
10541.761 |
7511.798 |
6.112 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
778.263 |
1588.535 |
Including
Finance and |
|
|
|
|
|
Depreciation |
|
Less |
FINANCIAL EXPENSES |
397.061 |
220.028 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
381.202 |
1368.507 |
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
(24.103) |
1086.488 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
405.305 |
282.019 |
15.304 |
|
|
|
|
|
|
|
Less |
TAX |
139.698 |
109.437 |
(6.726) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
265.607 |
172.582 |
22.030 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
26.49 |
17.26 |
2.20 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
10000.000 |
Expected Sales (2015-16): Rs.10000.000 Million
The above information has been parted by Mr. Yatin Shah (Chief Finance
Officer).
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from operating activities |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Total Income) |
(%) |
2.35 |
1.90 |
102.87 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Total Income) |
(%) |
6.87 |
17.55 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.85 |
3.88 |
0.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.11 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.21 |
1.59 |
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.38 |
1.37 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
200.000 |
200.000 |
206.250 |
|
Reserves & Surplus |
2122.031 |
2281.522 |
2690.880 |
|
Net worth |
2322.031 |
2481.522 |
2897.130 |
|
|
|
|
|
|
Long-term borrowings |
538.883 |
518.952 |
375.715 |
|
Short term borrowings |
2841.234 |
3436.138 |
3123.683 |
|
Total borrowings |
3380.117 |
3955.090 |
3499.398 |
|
Debt/Equity ratio |
1.456 |
1.594 |
1.208 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
21.416 |
9100.333 |
11320.024 |
|
|
|
42,393.150 |
24.391 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
21.416 |
9100.333 |
11320.024 |
|
Profit |
22.030 |
172.582 |
265.607 |
|
|
102.87% |
1.90% |
2.35% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses derives
its importance from the huge conglomerate of family run organizations which
operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem and Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28% in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28%. It
means the industry is on the track of recovery and round tripping of diamonds
has stopped completely.” Demand has started coming from the US, the UK, Japan
and China. India’s polished diamond export is expected to cross $ 21 bn in
2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
Note:
The registered office of the company has been shifted from 101, Prasad Chambers, M.P. Marg, Opera House, Mumbai – 400 004,
Maharashtra to the present address w.e.f. 09.01.2013.
|
Unsecured Loans |
31.03.2014 (Rs. in Million) |
31.03.2013 (Rs. in Million) |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans repayable on demand from others |
105.970 |
119.520 |
|
Loans
and advances from directors |
269.745 |
399.432 |
|
Total
|
375.715 |
518.952 |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10350295 |
27/05/2014 * |
4,008,000,000.00 |
STATE BANK OF INDIA |
DIAMOND BRANCH, BHARAT DIAMOND BOURSE, TOWER NO.D/3, WEST CORE, BANDRA KURLA COMPLEX, MUMBAI - 400051, MAHARASHTRA, INDIA |
C07456171 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
- Land
- Office
Building
- Plant and
Equipment
- Furniture and
Fixtures
- Motor Vehicles
- Computer
Equipments
Intangible Assets
- Copyrights,
Patents and Other Operating Rights
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration:
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 64.89 |
|
UK Pound |
1 |
Rs.100.39 |
|
Euro |
1 |
Rs.73.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.